BP Q2 profit surges as the idea hikes dividends for first time since 2014

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Robert ‘Bob’ Dudley, chief executive officer of BP Plc.

“in which gave us the confidence to raise the dividend in which year for initially in 15 quarters, as well as some great assets in North America,” Dudley said.

Production for the quarter was 3.6 million barrels a day (bpd) as well as also upstream production, excluding Rosneft, was up 1.4 percent on the previous year. The company credited rising output via major projects as driving much of the rise.

The earnings beat comes against the backdrop of higher crude prices as rising geopolitical risks inside Middle East, the crisis in Venezuela as well as also a heavy crude outage in Canada help support oil markets.

Oil rose above $70 a barrel again on Monday. Brent crude was trading above $75 per barrel on Tuesday. yet Dudley said in which the company can be planning for a lower oil cost despite the recent rise.

“You look at the oil cost — we’re planning BP on $50 to 65 a barrel,” the BP CEO said. “in which’s how we’re going to plan the company, we’re not going to get ahead of ourselves, we’re going to keep the capital discipline … We’ll probably be at the low end of in which in which year, yet you do see pricing as well as also revenues coming through stronger because of the markets.”

The results come after BP announced the acquisition of BHP Billiton’s shale assets for $10.5 billion, which the idea says will beef up its U.S. business as well as also increase earnings as well as also cash per share. The company plans to return sale funds to shareholders as well as also plans a $5 to $6 billion share buyback.